A look at most common income tax penalties as ITR filing deadline approaches

Filing ITR after the July 31 deadline incurs a penalty under Section 234F, up to ₹5,000 (₹1,000 if total income ≤ ₹5 lakh).

Delayed revised return filing triggers a Section 234-I penalty of ₹1,000 or ₹5,000, depending on income.

Under-reported or misreported income can lead to a Section 270A penalty of 50% to 200% of the tax payable.

Receiving ₹2 lakh or more in cash in violation of rules attracts a penalty equal to the amount under Sections 269ST and 271DA.

Failure to pay self-assessment tax can result in a penalty up to the outstanding tax amount under Sections 140A and 221.